The British Virgin Islands has long been one of the world’s most popular jurisdictions for company formation and financial services. In fact, it has become so vastly dependent on foreign investors, that the provision of such services makes up more than one third of the country’s GDP, making its economic stability and banking sector very vulnerable to the current changes and strains on the regulatory framework and the need for mass company restructuring. In an attempt to maintain its image as a reputable corporate jurisdiction and comply with the OECD and FATF, as well as, the numerous international bank Directives, the BVI has significantly altered its regulatory legislations, enacted strict substance requirements and tightened its banking policies. Today, opening and maintaining a bank account in the BVI is a very difficult and comprehensive procedure that requires a well-established local registered agent or representative as well as a very solid compliance portfolio with adequate physical presence in the country. In fact, experience shows, that the BVI banks are mostly inclined to cater to local business only. If, however, you have an established company headquartered and operated in the British Virgin Islands, then the local banking sector has a lot to offer in terms of fund security, service efficiency, ease of digital account management, and a full variety of financial facilities and products.

As mentioned above, although fairly limited compared to other bigger jurisdictions, the banking sector is quite developed in the British Virgin Islands offering its businesses and individuals an ample choice of both local banks and branches or subsidiaries of deep- rooted international financial institutions. There are currently 7 well-stablished banks operating in the BVI, each offering a rich array of services, some specifically catered to a particular target market, these are: FirstCaribbean International Bank (Cayman) Ltd., The National Bank of Virgin Islands, VP Bank (the British Virgin Islands) Ltd., Scotiabank (the British Virgin Islands) Ltd., First Bank VI, Banco Popular de Puerto Rico and East Asia Financial Holding (BVI) Ltd.

Regardless of your bank choice or reason for opening an account in the British Virgin Islands, our qualified banking team can assist you with the entire process, including the preparation of a compliance portfolio, substance profile and appointment of a reputable registered agent knowledgeable in the local banking regulations. Our firm can also take on the administration of your bank account and corporate governance in general and can provide specifically tailored cost-effective banking solutions for your entire business structure.

For more information or a complimentary consultation, please complete our short contact form and a qualified member of our banking team will promptly answer any query you have.